Steve D Valentine walks through how real-estate agents can build wealth by spotting deals, buying cheap, renovating, refinancing as owner-occupied, then converting to rentals. One deal every one to two years compounds into tens of thousands in equity per property by age 50.
Chapters
I remember reading this in the Millionaire Next Door, right? So how most people become millionaires is through the thing they're really good at. Auctioneers, right? What do they see before the auction starts? They see the things, they know things, right? People that are looking at houses, people that are looking at art. These are all people that have opportunity right in front of them. And so they see the opportunity, they capture it, right? That's where they start creating more and more income and wealth. You talked about your young team and I talk about this in the book. You think about the flips and the things that we've purchased and we talked about this on the last podcast because you said your CFO is trying to wrap his head around it. Think about this. If these young agents were looking at the potential deals or the wholesale deals you guys brought in and they were able to figure out how to capture one of those a year where they buy it with hard money, they get it fixed up and then they refinance it, owner occupied and they move into it. They've just captured what, 30, 40, $50,000 equity because they're not selling the property, right? They're not being taxed on the sale, all the things. So now they can build it as a long term rental because we do construction different on our long term rentals and we do our flips. If they would do that once a year, once every two years, what would life look like at age 50? That's all it takes.
